Itt Corp.

December 31, 1986|By Deanne Brandon

NEW NO. 2. ITT Corp. and France's state-owned Cie. Generale d'Electricite signed an agreement Tuesday for a joint venture that creates the world's second-largest telecommunications group. New York-based ITT will get $1.25 billion in cash in the transaction. The new venture, incorporated in the Netherlands, will have annual sales of about $12 billion and 150,000 employees in 75 countries. Still No. 1: American Telephone and Telegraph Co.